Notice of Inability to Locate Eligible Household Sample Clauses

Notice of Inability to Locate Eligible Household. If, despite bona fide good faith documented marketing efforts (as defined in the Guidelines at section 6.4.2), Owner is unable to locate an Eligible Household during the marketing period and any extensions to the marketing period granted by the City, the Owner shall provide written notice to the City of this fact in the form shown in Exhibit H attached to this Agreement (the "Owner's Notice of Inability to Locate Eligible Household") along with other documentation as required by City. Such documentation shall be required to be reviewed and approved by City to demonstrate Owner’s eligibility under the policy set forth in the Guidelines allowing the release of resale restrictions for Below Market Rate ownership homes whose owners are unable to sell them under certain circumstances with City approval (the “Resale Restriction Release Policy”). Within fifteen (15) days of receipt of the Owner's Notice of Inability to Locate Eligible Household and other required documentation, and upon a determination that Owner complies with the requirements of the Resale Restriction Release Policy, the City shall provide written notice to Owner stating either (i) that the City will exercise the Option to purchase the Property, or (ii) that the Owner may transfer the Property to a Market Purchaser of the Owner's choosing who is not an Eligible Household, at an unrestricted price which is at or near fair market value (supported by a qualified appraisal), without taking into account the resale price restrictions imposed by this Agreement, and that the Owner shall pay any Excess Sales Proceeds to the City as set forth in Section 6.3 below.
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